Estate Planning (Will or Trust)
Do you have your estate planning in place? More specifically, do you have a will or trust? If you do, you are in the minority of citizens. The vast majority of people do not “yet” have either a will or a trust.
It is the goal of The Law Office of Carla Peevey for all persons to have the right planning for their family and to have planning that they understand. Proper estate planning can be important for all people, but it is especially crucial in these situations:
–persons who have been diagnosed with a serious illness
–parents of minors
–parents of disabled children
–anyone who commutes in heavy traffic or has a risky occupation
Why is having a will or trust important?
Without a will or trust, more steps are usually necessary to get an estate settled when someone dies, and that usually means a lot more money in legal fees.
People often think about having a will or trust prepared for years before actually getting documents done. It’s something on the “should get done” list. Unfortunately, it often takes a death in the family or losing a close friend to spur people to get their own estate planning in place. Some people actually worry forever about not having documents, rather than taking a step to get a will or trust. As I told one of these worriers, “Don’t worry about it, let’s fix it.” She now has her documents and can spent her time thinking about something else.
What is the basic difference between a will and a trust?
A will is a document that you can have prepared, sign it and then put it in a drawer. After your death, someone takes the will out of the drawer and it goes through the probate court. A trust is a document you have prepared, it is signed and then you have homework to do. After you complete the homework list, the trust functions while you are living. The homework is designed to take the place of going through probate court later.
What is the difference is price between a will and a trust?
Since a properly funded trust is designed to avoid probate, and the costs of probate, trusts are typically more expensive. Not only is it an additional document, it also comes with the funding forms, deeds, and other paperwork to transfer the assets into the trust. For current prices for both wills and trusts, feel free to email Carla and ask.
If you are ready to make a few decisions and move forward, the Law Office of Carla Peevey will work with you to get your estate planning documents signed in an amazingly short period of time.
To move forward, call 1-512-348-6890 or go to the Get Started page and fill in your contact information.
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